Results of Wednesday’s Best S&P Turning Points: Buying 3976.00 ran for 27.25 points on day with a range of 31.75! Tips accepted via CashApp.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3948.75 stop 3943.00. Short 4012.75 stop 4018.50.
The World Sentiment Index: (+100/-100) DUMPS from zero to -36 in a mostly Bearish world of low volatility. Historically the close was higher then the open 55% of the time and 1.5X the size of down moves.
Catalysts: Jobless Claims @ 8:30. Tomorrow’s Jobs data will be a bigger catalyst.
Quick Tip: Your Report Card
Since we’re in a “numbers business” as traders it makes sense to assess our performance objectively for every trade, not just how much the account is growing.
Most traders will think that a losing trade was a bad trade. Not so. The losers are inevitable and are out of our control if we’re following our plan. A bad trade is actually one where you broke the rules, win or lose. Good trading is simply doing the job correctly, not based on outcome.
Years ago, I was using and teaching a simple system for doing this. Admittedly, I’ve slacked off and now am bringing it back to my daily review.
Grade every trade based on four outcomes:
1. Followed your rules, profitable. 5 points.
2. Followed your rules, lost. 5 points.
3. Didn’t follow your rules, lost. 0 points.
4. Didn’t follow your rules, profitable. -5 points.
With this method you’re aligning your thinking with following the rules, not simply making money. In fact, a winning trade that broke the rules is the worst outcome because it reinforces undisciplined behavior.
Let’s say you had ten trades for the day (week, month, whatever your frequency is). The best score is 50 points. Keep track of your score and graph it as a reminder of what you should be focused on.
Our team day-trades multiple strategies with edge in a live online environment. We try to assist each other with accountability. Join our team, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!